Apax prepares sale of Marken
Apax is thought to have appointed Morgan Stanley to lead its sale of the ailing medical courier company Marken.
A sale of the firm had been rumoured since May this year, and it is now thought a formal sale process has begun.
Apax acquired Marken from its management and ICG in December 2009 in a deal valued at £975m. ICG made almost £70m profit on the sale.
Around £600m of the overall deal value consisted of equity provided by Apax itself, while Lloyds provided £365m in debt. The current sale process could involve a debt writedown by Lloyds.
Apax declined to comment.
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